As the pandemic continues to boost online shopping across the world, one region in particular seems to be having issues with ecommerce website checkout pages that could be costing businesses billions.
According to a recent survey, 94% of checkout pages on European ecommerce websites were found to be inadequate, often forcing shoppers to abandon their purchases.
Some of the faults include a limited number of payment methods being offered and lengthy checkout processes.
Ecommerce checkout performance
The survey from consultancy firm Edgar, Dunn & Company found that 21% of European shoppers would abandon their purchase if the checkout takes longer than one minute, while 15% leave their online shopping cart when their preferred payment method isn’t available. The average global shopping cart abandonment rate is 69.61%.
This, in turn, has a massive impact on businesses’ financial performance, as issues causing high shopping cart abandonment will negatively affect a shoppers’ experience during checkout.
“It all comes down to the right mix of payment methods the merchants offer their target group,” explains Frank Breuss, CEO, and co-founder of Nikulipe, analyzing the findings.
“The same goes for the target customer base: a very young customer base might have a preference for a certain selection of payment methods, which is different from what a very broad customer base prefers.”
Breuss notes that although it is important to offer a selection of the right payment methods, it is key to not offer too many of them.
Confronting a buyer with a large number of options and payment brands to choose from increases the likelihood of purchase abandonment too.
“Consumers shouldn’t be forced to think, but have made their shopping experience as easy as possible,” adds Breuss.
“That’s why one-product-type solutions, capturing a large number of shopper’s favorite banks under one button, help to better optimize ecommerce for shoppers and merchants alike.”